Michele Bachmann used Fannie Mae or Freddie Mac for her home loan

bachmann c span.jpg
Bachmann says one thing in public in, and does another in private.
Michele Bachmann used federally backed home loans from Fannie Mae or Freddie Mac just weeks before she denounced those programs and called for them to be dismantled, according to the Washington Post.

Experts who reviewed the home loans filed by Michele and Marcus Bachmann in 2008 on their gigantic new $760,000 home told the Post they are confident the Bachmanns' move came from the exact same programs she wanted shut down.

The $417,000 loan, which was the exact maximum offered by Fannie Mae and Freddie Mac at the time, would've come with lower interest rates because those loans are ostensibly backed-up by the government. 

In a 2008 House Financial Services Committee hearing, Bachmann pushed a Republican proposal that "breaks up Fannie Mae and Freddie Mac -- who are, after all, at the heart of all of this."
According to the Post, the Bachmanns' new home is a lavish spot that they scooped up on the cheap after a former pro football player joined millions of Americans in foreclosure.

Their golf-course home was custom built with a panelled library, spa, and wine cellar for former NFL player Ross Verba in 2005. Verba faced foreclosure after sinking more than $2 million into the property, court and mortgage records show. He originally listed the home for $1.75 million in 2007.
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Bachmann can't say "chutzpah," but she's certainly got it.
Instead, Bachmann -- who lists her assets at less than $2 million -- got the house for the bargain-basement price of $760,000, financing $699,000 of it. The Bachmanns signed papers to purchase the home on August 29, 2008.

On September 24, 2008, as the housing market crashed all around her and the banks went belly up, Bachmann offered yet another great moment in hypocrisy, announcing her support for a GOP plan:

"It breaks up Fannie Mae and Freddie Mac -- who are, after all, at the heart of all of this -- so that the encumbered taxpayer no longer backs them -- implicitly or explicitly -- and so that they do not artificially grow larger than the market will allow."
That's not the only time she's hammered at the two loan-backers. In February 2010, Bachmann was a cosponsor of the "Accurate Accounting of Fannie Mae and Freddie Mac Act," which called for increased transparency in the loan agencies.

"The Accurate Accounting of Fannie Mae and Freddie Mac Act is a much needed remedy for a Washington that needs to come to terms with their spending addiction. One thing we know about Fannie and Freddie is that they cost the already overburdened and financially strapped taxpayer a pretty penny.

"Why should Fannie and Freddie be able to run up these numbers without the President having to reflect this risk in his budget? It just doesn't make sense, and we owe it to the taxpayers to be transparent and forthcoming on the commitments we're making with their credit card."
We've got your increased transparency right here, Michele. It looks like some of the "strapped taxpayers" pretty penny helped Michele and Marcus enjoy the golf course, the spa, and the wine cellar.

This news means Bachmann officially does everything she hates.

She's against government subsidy, but takes it at her farmland and her husband's clinic; she's against Fannie and Freddie, but uses them to finance her own home loan; she's against homosexuality, but she's married to -- well, you get the point.

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9 comments
Michael Smith
Michael Smith

This women is just retarded.  Her hypocrisy is really shining through here.   She doesn't like the the gov. program freddy or fannie, but used it to get her home.   Come on.

Kirk the Conservative Jerk
Kirk the Conservative Jerk

Two days worth of comments, and no one with any common scene to see through CP lies?.

Fanny and Freddy DID NOT give loans.

The lenders (banks) did.  The lenders then sold these securities to Fanny and Freddy.

kimroc1
kimroc1

She was for it, before she was against it! 

MNmoderate
MNmoderate

I am no fan of Bachmann but calling this out as an act of hypocrisy, when she's taking advantage of a lower interest rate for a loan that she is able to pay back, is just being a good consumer and taking advantage of progrmas that are available.  That's like the GOP saying to Deomocrats, if you disagree with tax breaks then give more taxes and if you don't you're a hypocrite. Same goes for the farm subsidies. It's an available govt. program and it would be idiotic and financially irresponsible to her family not to take advantage of them. 

vitajex
vitajex

Here's CityPages again, drudging up old facts to point out silly little things like hypocrisies and bold-faced lies.  Why can't you just let Michele run for the highest office in the land in peace?

Just because you disagree with her politics, you have to point out that she herself does too?

You MONSTERS! 

MortgagePro
MortgagePro

Thank you for clarifying this for readers.....you are correct.....Fannie and Freddie do not "make loans".....they purchase loans from lenders who originally funded them. Most borrowers have no idea who their loan will be sold to until they get the letter from originating mortgage company that lets them know their loan has been sold. That seems to be a real problem these days......folks that are uninformed making outrageous statements like they are fact.

home loan
home loan

 Yeah, definitely! taking advantage of the program then a sudden change of course. Let's just hear the explanations from her end.

G Phillips
G Phillips

you must be a fool. for her to take advantage of these programs and then say they should be stopped so YOU can't  benefit as she did, is criminal. I UNDERSTAND WHY THE GOP AND TEA PARTY DO AND SAY WHAT THEY DO, WITH FOOLS LIKE YOU SUPPORTING THEM, WHY CHANGE.

vitajex
vitajex

Hate to point this out, but, to a Republican, NOT giving tax breaks IS "raising taxes".  So I'm afraid that analogy doesn't work.

It IS hypocritical to say: "NOONE ANYWHERE should get this money... but since it's here, I don't mind if I do!  YOINK!!!"

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